Creating a wedding budget can seem like a daunting task. This often results in the wedding budget being put off, or not dealt with properly. A wedding is an expensive, once-in-a-lifetime event, which means the budget is one of the most important elements of a wedding and needs to be taken seriously. It should be the first aspect of planning the wedding that is dealt with before any decisions or bookings are made.
If you’re feeling overwhelmed with setting a budget and not sure how to get started, here are some top tips that will show you how to create a wedding budget, and how to stick to it.
Review your savings
You can first take a look at the savings that you and your spouse have between you, but you shouldn’t max out your savings on your wedding. You should make sure that you have a dedicated savings fund for your wedding, and keep some savings aside in case of an emergency or change in circumstances, such as losing your job or experiencing a health problem. To your current pot of savings, you can add the amount of money that you can reasonably set aside each month after you have paid your bills. Lastly, you should find out whether your family would like to contribute to any of the wedding funds. While this is a popular practice in Hollywood movies, it’s not always possible in real life, due to the rising costs of weddings, and living.
Once you have established the funds you have, you can total it all up to see how much money you have to spend, and at what date the money will be available. If you were hoping to spend more, you can extend the timeline to give you more time to save.
Track your wedding plans
From the moment you start thinking about spending your budget, you should create a spreadsheet so that you can track your spending. It is a good idea to start with a column that gives you the option to write in the estimated amount, as well as the actual. This is because wedding planning takes time, and you might not be able to book and pay for everything straight away. This will also allow you to go away and do some research into the elements of your wedding and obtain proposals from different vendors. This will give you a good idea of how much money you will need, and time to readjust your budget and timeline if necessary.
When you begin to spend your budget, you should always fill out the actual column, and have a running total that is kept up-to-date at the bottom of your spreadsheet. This will enable you to compare it against the funds you have available, to ensure you stick within your budget. You should always start your wedding planning with the venue. For example, if you are going to get married in a Las Vegas Theme Wedding chapel, then you are going to have to consider the travel, as well as the number of guests that you can invite. This will take up a huge portion of your budget, but it will enable you to see what you have left.
Your budget is one of the most important aspects of your wedding. Make sure you create it properly and track your spending.